Related Quotes

Company Profile

Mr Smith’s adviser, Sandon Capital founder Gabriel Radzyminski, noted: “AIC’s offer is the only current offer for [Wallace] shares which shareholders can accept."

The Wallace board noted that neither E-Quest nor Armidale had declared their offers to be final.

“In the absence of further increases to either offer or the announcement of any other superior proposal, the board advises shareholders to accept the E-Quest proposed offer," the board said.

Mr Paule, the chief executive of financial planning firm Financial Index, said he believed he could extract more value from the fund than the 3.5¢ to 6.6¢ a share suggested by an independent expert’s report from Lonergan Edwards & Associates.

The net tangible assets of Wallace Absolute Return Fund were 3.3¢ a share at the end of June.

One point of contention has been the value of unlisted asset HAL Data Services, which was written down from $42 million to nil. Lonergan Edwards said the value of HAL was likely to be between nil and $2 million.